Does 301 Redirecting Old Domain to New Domain Transfer Algorithmic Penalty?

I changed the name of my business back in 2017 and obtained a new domain. I never did 301 redirects from the old domain to the new one. I am considering doing that now but I back in 2012 I got hit with what I believe were both manual and algorithmic penalties. Google Search Console doesn’t show any issues on the old domain and I believe any bad links were disavowed back in 2012 for the old domain. I’m considering 301 redirecting the pages on the old site to the new one. The old domain does rank ok for some terms and has a much higher DA than the new one.

Would it be better to just add a site wide link that links people to the new site or to just 301 the individual pages from the old site to the new one? Do I run the risk of passing along any old algorithmic or resolved manual penalty? Or should I be pretty safe?

Thanks!